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SA Iron and Steel Institute claim surge of imports is causing material harm.
A sudden, sharp and significant rise in imports of hot-rolled steel products has resulted in a 9% temporary safeguard tariff against imports from all countries except for a number of developing countries.
Several players in the downstream market claim that the safeguard measure on top of an existing customs duty of 10% will seriously impact their competitiveness and sustainability.
The South African Iron and Steel Institute brought the application for a safeguard provision on behalf of ArcelorMittal South Africa (Amsa), claiming the surge of imports is causing the local producer material harm.
A safeguard duty is generally an emergency measure under the World Trade Organisation (WTO) Agreement on Safeguards. The main purpose is to prevent harm and injury to a domestic industry when faced with a sharp unforeseen surge in imports.
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The International ministration Commission (Itac). looked at the period 1 July, 2020 to 30 June, 2023 during its investigation. The data indicated an increase of 105% in total imports of the product under investigation during that period.
Amsa argued that SA did not foresee the unprecedented steep rate of increase in crude steel and hot-rolled steel production capacity during the Uruguay Round of multilateral trade negotiations for tariff increases.
This story is from the July 09, 2024 edition of The Citizen.
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This story is from the July 09, 2024 edition of The Citizen.
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